I hate the term overpriced, it's a matter of value and perspective. I'd happily go out and spend two grand on a MacBook Pro because I value what it is and what it can do and I know I won't have any issues with it. On the flip side I'd never even consider spending two grand on a Windows machine, to me that would be overpriced because I don't value Windows at all (and yes, I have been a long time Windows user, longer than most people have been alive).

As for the iPhone 6, once you take the bill of materials you've also got to add all the other associated costs into it such as R&D, marketing, distribution, retail costs, warranty costs, etc. And as Apple operate a business they're entitled to make a profit, more or less everyone else in the phone industry is breaking even or making a loss in a bid to compete aggressively with each other.

People are too quick nowadays to throw around the word overpriced because it seems that they want something for nothing. Take a look at some of the mid range Android handsets to which the cost of the iPhone gets compared, something like the Nexus range or the OnePlus One. In these examples you might get a pretty decently specced phone but Google don't make money (they can afford it) and OnePlus are selling at cost for two years to build up their business, then prices will likely double so that they can turn a profit.

So in answer to your question, no I don't think the iPhone 6 is overpriced, I value the product for what it is and what it can do for me and how it integrates with all my other products. On top of that you get a really well built phone with a great camera and access to top quality apps (some of which you won't find anywhere else). You get what you pay for at the end of the day.